In $25 M Series B round, ABC Impact supports Polymateria’s biotransformation technology
Polymateria Limited, a British company that invented the biotransformation technology to stop plastic pollution, received a £20 million ($24.98 million) Series B funding round from the Singapore-based impact private equity fund ABC Impact and the sustainable chemical company Indorama Ventures.
The funding round’s proceeds, according to a statement released by ABC Impact on Wednesday, will be used to hasten the global commercialization of Polymateria’s biotransformation technology.
Where fugitive plastic pollution is most severe, such as in Asia, Polymateria plans to expand into new markets while also increasing penetration into current ones.
In order to strengthen its research and development (R&D) capabilities, Polymateria plans to invest in its own Imperial College London laboratory.
“With the strength of Polymateria’s scientific underpinning and the vast scalability of its technology, we believe that the solution developed by the company can help address challenges in plastic packaging-related pollution,
“We look forward to helping the team expand its commercialization reach and further generate impact at scale in Asia,” said Sugandhi Matta, Chief Impact Officer at ABC Impact.
Sugandhi Matta has reportedly been added to Polymateria’s board, which is presided over by Marc Bolland, chair of Blackstone Group International Partners.
“I’m tremendously excited to be embarking on the next step of Polymateria’s journey. We founded Polymateria to make a real difference to one of the world’s biggest environmental challenges,” said Lee Davy-Martin, Co-Founder and Board Member of Polymateria.
He claimed that the business is well on its way to fulfilling its mission thanks to the support of investors like ABC Impact and Indorama Ventures.
A technology company called Polymateria is working to create biodegradable plastic substitutes.
In an effort to stop the endemic global plastic pollution, the company offers a customized biodegradable solution for traditional plastic packaging.
With no microplastic or toxic residue left in the open environment, the company’s biotransformation technology has successfully demonstrated full biodegradation of plastic items into water, CO2, and biomass.
The technology has unparalleled scalability because it can be implemented without altering current manufacturing procedures and is compatible with recycling streams already in place.
The Chicago Marathon, Twickenham Rugby Stadium, and 7-ELEVEN Taiwan are just a few of its recent high-profile clients.
